Cyprus Holidays Apartments

Development of land into villas in estates is now very common in the Paphos area, mainly on the hills between Paphos and Polis. Projects are developed to take the form of villages with the individual villas designed in traditional architecture. There are, of course, cases where the purchaser may have a good say in the design of his villa. The same type of projects are now being carried out in Limassol and to a lesser extent in the Larnaca area.

The quality of construction is another problem. Normally the developer's reputation and a visit to a previous project will give you an idea of what you can expect. Show a preference to blocks utilising low maintenance materials: sprits finish to a block as opposed to decoration is an advantage; the use of timber windows as opposed to plastic ones is a disadvantage; a poor quality lift will cause you major future difficulties etc.

Bargains can still be found at the remote villages of Paphos and those of Limassol. It is strongly suggested that before concluding a deal, you obtain a firm estimate of the repairs / improvements required using the services of a qualified Q.S. or an architect, whereas what has been said previously about other property acquisitions holds good for this nature of property as well. In particular, you must check who your neighbours are, since in tightly knit communities, such as the local villages, they have their own way of living and attitudes towards life.

Non-Cypriot individuals residing in Cyprus pay income tax at a flat rate of just 5%. This applies to the amounts remitted to Cyprus from pensions or income from overseas investments. The first CY2,000 per annum are tax exempt. Personal effects, household goods and furniture may be imported duty free by immigrant retirees, provided that they are for personal use and have been in use for some time (approximately one year). There is no duty on one car and retired couples benefit from the additional concession of two duty free cars.

The transfer of the title can be effective once the Council of Ministers' permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers name the district Land Registry Office will charge transfer fees which are based on the market value of the property at the time of purchase - as follows: Value up to CY50,000 - 3% CY50,001 - CY100,000 - 5% CY100,000+ - 8%

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